Bitcoin (BTC) has broken below every bull market support level, and traders are starting to wonder if the pain might finally be ending.

The Case for a Bottom

Crypto trader Pentoshi, who deliberately avoided calling dip buys throughout this brutal correction, says something's different now. With Bitcoin down roughly $40,000 from the highs and already bouncing 30%, he thinks the market is locally overstretched on the downside.

He's not declaring a definitive bottom, but he estimates Bitcoin is "within a few percent of one," pointing to the $83,000-$85,000 range as a high-probability bounce zone.

To illustrate just how rough this market has been, Pentoshi noted that even Michael Saylor, Bitcoin's most famous corporate bull, is up less than 10% over the past five years—underperforming the risk-free rate.

Despite being on vacation, Pentoshi announced he's buying spot BTC, though he warned others to stay patient and avoid emotional trades.

What the Whales Are Doing

On-chain data is backing up the bottom speculation. Santiment reports that Bitcoin whale activity has exploded during the six-week decline, with over 102,900 transactions above $100,000 and 29,000 above $1 million this week. If the pace holds, it will be the most active whale week of 2025, with behavior shifting from heavy distribution to early accumulation.

The Cautious View

Still, not everyone's ready to dive in. Altcoin Sherpa says buying here only makes sense for long-term holders willing to stomach another 10%-15% downside while accumulating. Short-term traders should note that every recent "bottom" has broken lower.

Meanwhile, ChimpZoo notes a top trader has tagged the $85,000-$87,000 band as a major buy zone—potentially the market's last shot to buy BTC under $90,000.